4th Grade Economics

Using income for purchases, expenses, and debt

• spending

• savings

• goods

• services

Income set aside for unexpected expenses

• savings

• goods

• services

• producer

A person who provides a good or service

• producer

• need

• want

• consumer

A person who purchases a good or service

• consumer

• taxes

• supply

• good

Basic things humans need to survive

• need

• want

• import

• demand

Extras that make life more enjoyable

• want

• need

• producer

• savings

how much of a good or service consumers want

• demand

• spending

• producer

• scarcity

The amount available

• supply

• demand

• import

• natural resource

money paid to the government through income, sales, and purchase of property

• taxes

• goods

• scarcity

• human resource

goods naturally found on the earth

• natural resources

• supply

• demand

• services